If you work legally in the Czech Republic or Slovakia, taxes should be deducted automatically from your pay by your employer much in the same way that you would have taxes withheld from your paycheck in the United States. In other words, if you possess a work permit, you are required to pay tax on the money you earn. Be sure that you know what your employer is withholding from your pay and where it is going.

It’s not uncommon for some employers to shirk their fiscal responsibilities in order to keep a little more money for themselves.

Even though you reside outside of the U.S., you’re still required to file a tax return with the IRS when you work overseas. Forgetting to do so can cause you untold trouble down the road when you have to explain where you were, what you were doing, and be able to prove that you didn’t make enough money to pay United States income taxes. Since you don’t have to pay tax until you make more than US$70,000, most younger expats who work in Eastern Europe won’t have to worry about forking out any money to Uncle Sam.

Most Czech and Slovak banks will perform simple services such as foreign currency exchange, cash advances, and the like. You can also set up both crown and hard currency accounts.

For information on ATM locations in Prague, call Cirrus/Mastercard (more common) at (800) 424-7787, or Plus Network (800) 843-7587. ATMs are located all around the city, including the airport, train station, metro stations and at most major banks.